Bitcoin arbitrage between Korean and China (中韩之间的比特币套利)

Last month, The bitcoin price in korea (bithumb) is so much higher than the price in China (some otc market) .

https://bitkan.com/

So an arbitrage oppotunity exists. I'll try to talk about my experience and may help you guys avoid some mistakes.

If I want to get this arbitrage chance. What I have to do is to buy BTC(or ETH) in Chinese market, deposit to Korean maket, sell coins to KRW and exchange the KRW to CNY.

I have no experience in this kind of international arbitrage, So guess I make several mistake before nail it down.

I try to REGISTER on bithumb, the korean exchange. It succeeded without to many steps, just some email confirmation. Here I've already made a mistake, will talk about this later.

Then I buy some ETH in yunbi.com , a Chinese coin exchange. And I deposite 1 ETH to bithumb. (Here is another mistake, I should deposite less). And sell it to KRW.

Here comes the hard one. I need to withdraw these KRW. But this fucking Korea exchange need some auth before I can withdraw ANYTHING.

Then I follow the webpage and send the picture of my passport. only to be told that the AUTH failed cause I registered the account with a fake name. I did register with a NON-SENSE name. To make things worse, I have no place to change the name back to the real name. So I guess I lost this ETH forever. as long as my friend, 5 ETH.

After two weeks, I have a friend in Korea told me that she have a accound , authed to level2. But that time the price diff is about only 5%. And I just start my vacation. Only traded one bitcoin with a profit of 500 CNY before there's no profitable price diff.

And with my about 6 ETH loss.

前段时间中国和韩国之间有巨大的价格差，出现了套利机会， 一开始尝试自己注册了一个账号，已经存了 ETH 之后发现认证不成功，因为名字不对。。。 而且网站根本没法改名字。损失了6个ETH在一个我无法提现的账号里。

后来找到了一个再韩国的中国朋友，注册了一个 LEVEL 2 的账号，可以提现，不过这个时候价格差已经到了 5%， 做了一笔交易，挣了500块。 结果就到了6月，国内放开提币价格飙涨，套利空间没了。

教训，一定得确保链路全部走通再做套利